topic OK, I Really Need Some Capital One Advice (Combining vs Upgrading) in Credit Cards

OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Wed, 28 Mar 2018 12:39:59 GMT

So....I have a new Capital One Quicksilver card with a $10,000 SL.

I have an old Capital One Platinum Mastercard with a $4,500 limit. (I've had this for probably 6-7 years).

I have an upgrade available for the Platinum Mastercard to upgrade to a Quicksilver (so I would have 2 Quicksilvers) or an upgrade to a Venture One.

Should I upgrade the Platinum to the Venture or should I just do an account combination and absorb the Platinum into my Quicksilver (making my limit $14,500).

Here's my worry.....If I upgrade to the Venture...I don't lose the credit history on this card. If I do an account combination, then I lose that history and it shows up as a closed account.

Note: I really don't need a travel card.....I guess I travel by plane one a year if that.

Thanks everyone for reading and for any advice...I hope this isn't confusing...I'm new here!

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Gregory1776 — Wed, 28 Mar 2018 12:55:58 GMT

Why are you worried about the closed account? It won’t affect your aaoa, from what I understand, until it falls off your report in 10 years.

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

UncleB — Wed, 28 Mar 2018 13:08:35 GMT

@Gregory1776wrote:
Why are you worried about the closed account? It won’t affect your aaoa, from what I understand, until it falls off your report in 10 years.

Your point stands, but I do want to mention that closed accounts stay on reports for up to 10 years.

Many people - including myself - have had closed accounts fall off before 10 years is up. For most people that nuance doesn't make a difference, but for some it might.

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Wed, 28 Mar 2018 13:14:17 GMT

After a nasty divorce 5 years ago and an ex that tried everything to ruin my credit...I've brought my scores up to over 720 for all 3.

I don't want to take any chances!

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Gregory1776 — Wed, 28 Mar 2018 13:38:23 GMT

Good to know uncle b 😇😇

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Wed, 28 Mar 2018 13:46:22 GMT

I have a somewhat similar situation. I got a Platinum Mastercard last year (February 2017) with a $3K CL that was auto-CLI'ed to $3.5K in August 2017, and I PC'ed it to Quicksilver in June 2017. I'm planning to combine it into my new Quicksilver Visa ($10K SL, like yours) that I got at New Year's, bringing the total on the new card to at least $13.5K; I'm going to make at least one more attempt to get a CLI on the MC, having paid it down this past month, before early July when the Visa will have aged to where I can add the other card into it. I *think* the MC should thereafter show up as a closed account, but I'm not 100% sure.

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Kree — Wed, 28 Mar 2018 17:26:55 GMT

Personally I would not touch the platinum. Its a 0 AF card, with decent limit, and Cap1 won't touch it if you only use it once ever 3-6 months.

If you don't need to upgrade it for a specific purpose, just let is be the good old card it has been for years.

Added bonuses, they let you change your statement date, which not all cards do. And it sometimes will have pretty good balance transfer offers (just make sure you pay off in the period to avoid your 24% apr.)

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Wed, 28 Mar 2018 21:35:01 GMT

I'm in a similar situation myself:

QS1 card with $1.5K (3yrs)

QS card with $950 (3yrs)

I'd like to combine the two and understand the eligibility requirements but can't find if doing so will result in a hard or soft pull or no pull? Can anyone confirm or offer advice? Thanks!

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

SouthJamaica — Thu, 29 Mar 2018 01:57:33 GMT

@Anonymouswrote:
So....I have a new Capital One Quicksilver card with a $10,000 SL.
I have an old Capital One Platinum Mastercard with a $4,500 limit. (I've had this for probably 6-7 years).
I have an upgrade available for the Platinum Mastercard to upgrade to a Quicksilver (so I would have 2 Quicksilvers) or an upgrade to a Venture One.
Should I upgrade the Platinum to the Venture or should I just do an account combination and absorb the Platinum into my Quicksilver (making my limit $14,500).
Here's my worry.....If I upgrade to the Venture...I don't lose the credit history on this card. If I do an account combination, then I lose that history and it shows up as a closed account.
Note: I really don't need a travel card.....I guess I travel by plane one a year if that.
Thanks everyone for reading and for any advice...I hope this isn't confusing...I'm new here!

My advice is to refrain from any combination. Once you have a larger account, Cap One starts looking at you as a candidate for adverse action.

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Thu, 29 Mar 2018 12:10:06 GMT

Really? Why do they do that?

Will this Quicksilver Card that I have remain at $10,000 or will it get CLI's?

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Thu, 29 Mar 2018 13:05:23 GMT

@Anonymouswrote:
Really? Why do they do that?
Will this Quicksilver Card that I have remain at $10,000 or will it get CLI's?

I suggest you read this thread:

http://ficoforums.myfico.com/t5/Credit-Cards/cap1-aa-they-don-t-fool-around-lol/td-p/5187523

@Anonymous common, though not universal, factor appears to be that CL's on combination have been inflated to a really high level, at least $30k to $35k. This generally seems to be combined with another factor which is that many users hit with CLD's or outright closures have not been using their Cap 1 cards, or have been using them only in very small charge amounts, for some time prior to the AA. As @AverageJoesCredit pointed out in another thread on Cap 1 combinations this morning, if you contact Cap 1 regarding your account (as in calling them or messaging them), it makes you a "blip" on their radar, and account combos also go through UW's which necessarily causes them to take a look at your accounts and credit history manually, and that in turn means that anything which is out of order there is going to come to their notice. This isn't meant to scare you off - as I said, I have two cards that I'm intending to combine this summer - but do make sure all your credit ducks are in a row first.

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Thu, 29 Mar 2018 13:15:57 GMT

Interesting...thanks for sharing!

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Thu, 12 Apr 2018 18:42:26 GMT

@Joe8185,

The option for me to combine accounts finally appeared in my app. However, it's giving me the option to combine my QS into my newly issued Venture Card. I was wondering in your experience if I should combine now or wait until the Venture's 1st billing cycle is completed and reported? I'll know the minimum amount due on 4/19 and my payment due date is 5/15.

Re: OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

HeavenOhio — Thu, 12 Apr 2018 19:08:51 GMT

@Anonymous, I'd do the product change on the old card and keep it. Or after the PC, you could investigate combining the new card into the old card. However, you might find that the new card has better terms, such as World Elite status or a better APR. If that's the case, you'l likely want to keep them separate.

I wouldn't be concened about adverse action (AA) unless you don't use the card. AA has occurred on cards with a limit over $10,000 and monthly usage in the $100 or less range for a year. In those cases, limits have been reduced to $10,000.

@Anonymous, I don't think it makes much difference when you combine your cards. Balances and rewards from the doner card will be transferred, and the terms of your destination card will apply.

Re: UPDATE-OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Fri, 13 Apr 2018 16:04:29 GMT

I ended up PC this card to the Capital One SAVOR card. It wasn't showing as an option, but I called to ask and it was no problem.

Same limit, same APR, just SAVOR with their rewards program.

Re: UPDATE-OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Anonymous — Fri, 13 Apr 2018 16:39:03 GMT

Keep us posted on if you enjoy the Savor card. I was thinking about it when I got my Venture since I dine out more often than I travel. I wanted a travel card to start with though since I didn't have one and I can always get cash back with my other cards.

Re: UPDATE-OK, I Really Need Some Capital One Advice (Combining vs Upgrading)

Gmood1 — Fri, 13 Apr 2018 17:36:11 GMT

Yeah, don't sweat the consolidation too much. The one factor that continues to be left out is several of those that were AA'd weren't allowing balances from their other CCs to report.

I haven't made a payment over $100 to Capitol One since November of 2016. In fact, I've went several months without using the card since then. Now normally only $3 to $6 is auto charged on it. The limit is still there today. Bottom line, don't let people have you fearing something that may or may not happen with these CC companies. If they want to cut your limit, they'll cut it regardless of what you charge on it.